Arun, Shobha and Yuvraj were partners in a firm. On 1st April, 2018 their Fixed Capitals Stood at Rs. 1,00,000, Rs. 50,000 and Rs. 50,000 respectively. As per the provisions of partnership deed, (i) Partners were entitled to an annual salary of Rs. 20,000 each. (ii) Interest on Capital @ 10% p.a. was to be provided. (iii) Profits were … Read more
Yadu, Vidu and Radhu were partners in a firm sharing profits in the ratio of 4:3:3. Their fixed capitals on 1st April, 2018 were Rs. 9,00,000, Rs. 5,00,000 and Rs. 4,00,000 respectively. On 1st November, 2018, Yadu gave a loan of Rs. 80,000 to the firm. As per the partnership agreement: (i) The partners were … Read more
The capital accounts of Alka and Archana showed credit balances of Rs. 4,00,000 and Rs. 3,00,000 respectively, after taking into account drawings and net profit of Rs. 2,00,000. The drawings of the partners during the year 2018 – 19 were: (i) Alka withdrew Rs. 10,000 at the end of each quarter. (ii) Archana’s drawings were: … Read more
Sonu and Rajat started a partnership firm on April 1, 2017. They contributed Rs. 8,00,000 and Rs. 6,00,000 respectively as their capitals and decided to share profits and losses in the ratio of 3 : 2. The partnership deed provided that Sonu was to be paid a salary of Rs. 20,000 per month and Rajat … Read more
A and B were partners in a firm sharing profits in the ratio of 5:3. Their fixed capitals on 31st March, 2017 were : A Rs. 60,000 and B Rs. 80,000. They agreed to allow interest on capital @ 12% p.a. The profit of the firm for the year ended 31st March, 2018 before allowing interest on capitals was … Read more
A&B are partners in the ratio of 3:2. The firm maintains fluctuating capital accounts and the balance of the same as on 31-03-2020 amounted to Rs. 1,60,000 and Rs. 1,40,000 for A and B respectively. Their drawings during the year were Rs. 30,000 each. As per partnership deed interest on capital @10% p.a. on opening … Read more
Ajay, Binod and Chandra entered into partnership on 1st April 2019 with a capital of Rs. 3,00,000, Rs. 2,00,000 and Rs. 1,00,000 respectively. In addition to capital Chandra has advanced a loan of Rs. 1,00,000. Since they had no agreement to guide them, they faced following issues during and at the end of the year. … Read more